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Home > Six Components of Good Internal Control Systems for Smaller Entities

Six Components of Good Internal Control Systems for Smaller Entities by AccountingWeb on Mar 4 2011printer friendly 16

Some of us were taught that internal control for smaller entities was an oxymoron. My supervisors made it clear that, because segregation of incompatible duties was not usually possible for smaller entities, internal control was non-existent. In 2006, COSO changed the rules by publishing Internal Control over Financial Reporting — Guidance for Smaller Public Companies and recognizing there are different rules for larger and smaller entities. Essentially, COSO said internal controls for smaller entities are more likely to be informal and carried out by one or a few persons. COSO’s guidance, audit standards from the PCAOB and AICPA attestation standards all require a top-down approach whenever considering internal controls. One or a few management persons performing control procedures (top-down) can produce a good internal control system for a smaller entity! Control procedures consist of entity-level and activity-level controls. For smaller entities, public or non-public, the design of control procedures should focus primarily on the entity-level (top-down) since the activity-level controls may be ineffective due to a lack of segregation of duties. Entity-level controls are the key controls for smaller entities and are the most effective for preventing errors or fraud from occurring and going undetected. If entity-level controls are properly designed, and if they are diligently performed by management and/or persons charged with governance, a small entity can have a good internal control system. This can be true even for an…...

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